Ideal Power ( NASDAQ: IPWR ) +16.3% in Monday's trading after saying it has entered into a product development agreement with a "top 10 global automaker" for a custom B-TRAN power module for use in electric vehicle drivetrain inverters in its next generation EV platform.
Ideal Power ( IPWR ) said it was selected for the program because "B-TRAN potentially offers significant EV inverter efficiency improvements while using the established silicon supply chain, which will offer cost advantages over competing technologies that rely on high-cost materials like silicon carbide."
Under the development program, Ideal Power ( IPWR ) also will collaborate with an "innovative packaging company" that will produce the custom B-TRAN modules.
The delivery of production-ready B-TRAN-based modules is targeted for 2025, the company said.
Ideal Power ( IPWR ) reported a Q2 loss of $0.27/share on revenues of less than $1M; it is scheduled to report Q3 results after Monday's market close .
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Ideal Power surges on development deal with 'top 10 global automaker'